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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $28.1M, roughly 1.5× ARS Pharmaceuticals, Inc.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -147.1%, a 271.1% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -67.6%).
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
ADAM vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $28.1M |
| Net Profit | $53.5M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | — | -147.6% |
| Net Margin | 124.0% | -147.1% |
| Revenue YoY | 61.6% | -67.6% |
| Net Profit YoY | 270.5% | -182.8% |
| EPS (diluted) | $0.45 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $28.1M | ||
| Q3 25 | $36.6M | $32.5M | ||
| Q2 25 | $36.4M | $15.7M | ||
| Q1 25 | $33.1M | $8.0M | ||
| Q4 24 | $26.7M | $86.6M | ||
| Q3 24 | $20.2M | $2.1M | ||
| Q2 24 | $19.0M | $500.0K | ||
| Q1 24 | $17.9M | $0 |
| Q4 25 | $53.5M | $-41.3M | ||
| Q3 25 | $44.8M | $-51.2M | ||
| Q2 25 | $8.5M | $-44.9M | ||
| Q1 25 | $42.2M | $-33.9M | ||
| Q4 24 | $-31.4M | $49.9M | ||
| Q3 24 | $42.8M | $-19.1M | ||
| Q2 24 | $-15.6M | $-12.5M | ||
| Q1 24 | $-57.9M | $-10.3M |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | 11.7% | -302.9% | ||
| Q1 25 | — | -466.3% | ||
| Q4 24 | -119.0% | 54.5% | ||
| Q3 24 | — | -1051.6% | ||
| Q2 24 | -124.7% | -3068.0% | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | -147.1% | ||
| Q3 25 | 122.5% | -157.4% | ||
| Q2 25 | 23.4% | -285.6% | ||
| Q1 25 | 127.4% | -425.7% | ||
| Q4 24 | -117.5% | 57.7% | ||
| Q3 24 | 211.7% | -925.0% | ||
| Q2 24 | -81.9% | -2503.2% | ||
| Q1 24 | -324.1% | — |
| Q4 25 | $0.45 | $-0.41 | ||
| Q3 25 | $0.36 | $-0.52 | ||
| Q2 25 | $-0.04 | $-0.46 | ||
| Q1 25 | $0.33 | $-0.35 | ||
| Q4 24 | $-0.46 | $0.52 | ||
| Q3 24 | $0.36 | $-0.20 | ||
| Q2 24 | $-0.29 | $-0.13 | ||
| Q1 24 | $-0.75 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $245.0M |
| Total DebtLower is stronger | $735.8M | $96.4M |
| Stockholders' EquityBook value | $1.4B | $114.3M |
| Total Assets | $12.6B | $327.7M |
| Debt / EquityLower = less leverage | 0.52× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $245.0M | ||
| Q3 25 | $185.3M | $288.2M | ||
| Q2 25 | $160.4M | $240.1M | ||
| Q1 25 | $177.1M | $275.7M | ||
| Q4 24 | $167.4M | $314.0M | ||
| Q3 24 | $195.1M | $204.6M | ||
| Q2 24 | $235.5M | $218.7M | ||
| Q1 24 | $226.9M | $223.6M |
| Q4 25 | $735.8M | $96.4M | ||
| Q3 25 | $766.6M | $96.2M | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | $0 | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $114.3M | ||
| Q3 25 | $1.4B | $147.7M | ||
| Q2 25 | $1.4B | $192.3M | ||
| Q1 25 | $1.4B | $229.0M | ||
| Q4 24 | $1.4B | $256.8M | ||
| Q3 24 | $1.4B | $201.0M | ||
| Q2 24 | $1.4B | $215.2M | ||
| Q1 24 | $1.5B | $223.9M |
| Q4 25 | $12.6B | $327.7M | ||
| Q3 25 | $12.4B | $372.8M | ||
| Q2 25 | $10.6B | $313.5M | ||
| Q1 25 | $10.0B | $327.3M | ||
| Q4 24 | $9.2B | $351.2M | ||
| Q3 24 | $8.9B | $217.6M | ||
| Q2 24 | $8.2B | $222.0M | ||
| Q1 24 | $7.4B | $227.6M |
| Q4 25 | 0.52× | 0.84× | ||
| Q3 25 | 0.55× | 0.65× | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | 0.00× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-43.5M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-43.5M | ||
| Q3 25 | $6.9M | $-47.0M | ||
| Q2 25 | $39.2M | $-39.6M | ||
| Q1 25 | $25.8M | $-40.7M | ||
| Q4 24 | $14.1M | $42.0M | ||
| Q3 24 | $-922.0K | $-14.5M | ||
| Q2 24 | $-993.0K | $-7.3M | ||
| Q1 24 | $-13.1M | $-6.7M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | $-10.6M | $41.7M | ||
| Q3 24 | $-8.6M | $-14.6M | ||
| Q2 24 | $-8.6M | $-7.3M | ||
| Q1 24 | $-19.1M | $-6.8M |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | -39.6% | 48.2% | ||
| Q3 24 | -42.3% | -706.3% | ||
| Q2 24 | -44.9% | -1463.4% | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | 92.3% | 0.3% | ||
| Q3 24 | 37.7% | 6.8% | ||
| Q2 24 | 39.7% | 7.6% | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
